Empty nesters miss old chance

OLDER style inner city apartments and townhouses are being overlooked by “empty nesters” leading to an undervaluation of them.

As a result fast appreciation can be made by focusing on properties which may be relatively old, according to Hegney Property Valuations managing director Gavin Hegney.

He said an obvious example was Subiaco where demand for new apartments and townhouses had driven the price of older type accommodation below market value.

“Generally, residential buildings depreciate by 1.5 per cent a year. However, in Subiaco you now have new townhouses selling for around $400,000 compared to similar sized older style townhouses of around 15 years old, selling for around $260,000 to $275,000,” Mr Hegney said.

“The reality is that these older style apartments and townhouses should be selling for around $340,000 taking depreciation into account.”

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